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Former LeClair Ryan execs reach $10M settlement
Former executives at Richmond-based LeClair Ryan PLLC have reached a settlement with the firm’s insurer and bankruptcy trustee over $10 million in pending claims, according to a report from The American Lawyer. The firm’s liability insurer, Columbia Casualty, agreed to pay the firm’s trustee, Lynn Tavenner, $9.425 million to resolve claims including conspiracy and breach […]
Roanoke biz to create 30 jobs in Scott County
Roanoke-based VFP Inc. will invest $7.2 million to expand in Scott County, creating 30 jobs, Gov. Ralph Northam announced Monday. The expansion will allow VFP to produce larger concrete shelters. “Great workers live in Southwest Virginia, and companies like VFP recognize that,” Northam said in a statement. “Virginia is adv[...]
![“Congress is looking at ways to raise additional revenue and taxes and ultimately [may] discourage people from investing in IRAs,” says Jeff Grinspoon, managing director and partner of VWG Wealth Management at Hightower Advisors in Vienna. Photo by Will Schermerhorn](https://virginiabusiness.com/files/1/2021/11/Va-Biz-Grinspoon-Mega-IRAs-2142.png)
Supersize means
Watch your nest egg, particularly if it is extra-large. As Congress scrambles to hike taxes on the wealthy and fund trillions of dollars in social spending, legislators see a potential goldmine in so-called mega individual retirement accounts. Mega IRAs, defined as individual retirement accounts containing at least $5 million, a[...]
Dominion reports increases in diverse hiring over past 5 years
Dominion Energy Inc. released its first public diversity, equity and inclusion report on Friday, reporting increases in gender and racial diversity among employees hired between 2016 and 2020. With a goal of reaching 40% in diverse workforce representation — meaning hires of women and non-white people — by 2026, the Richmond[...]
Va. hotel revenues continue to lag from 2019 levels
Virginia hotel revenues for October were 20% below pre-pandemic levels in October 2019, according to newly released data from STR Inc., a CoStar Group division that provides market data on the U.S. hospitality industry. During the same period, hotel rooms sold decreased by 13% compared with 2019 levels. The average daily rate (A[...]
Va. unemployment rate dropped to 3.6% in October
In October, Virginia’s unemployment rate fell to 3.6%, 0.2 points below September’s rate, Gov. Ralph Northam announced Friday. The state’s unemployment rate has declined for 17 months straight. In October 2020, the jobless rate was at 5.3%, 2.5 points higher than last month. The labor force increased by 5,918 to almost 4.26 million, and the number […]
BWXT to invest $65M in new Campbell County campus
Lynchburg-based nuclear components and fuel supplier BWX Technologies Inc. (BWXT) will build out and upfit a center for manufacturing and research and development adjacent to its Campbell County facility, creating 97 jobs, Gov. Ralph Northam announced Friday. The Fortune 1000 company plans to invest $65 million over the next thr[...]
Springfield office building sells for $29.3M
The Springfield Corporate Center office building sold for $29.3 million, New York-based real estate company Newmark Group Inc. announced Wednesday. Located at 6225 Brandon Ave., the five-story building is 138,830 square feet. The building was constructed in 1988 and renovated in 2014 and 2015 in a $2.7 million program. The prope[...]
Henrico County retail property sells for $31M
A Baltimore-based real estate developer has purchased The Row at GreenGate, a retail property in the Short Pump area of Henrico County, for $31 million, Colliers International announced Thursday. The 100,000-square-foot property at 12151 W. Broad St. was bought by DK Greengate LLC, an entity connected to Klein Enterprises, which[...]
Divaris to be Norfolk’s World Trade Center leasing agent
The new ownership of the World Trade Center in Norfolk selected Divaris Real Estate Inc. (DRE) as its management and leasing agent, the brokerage firm announced Tuesday. “We are both delighted and honored to have been appointed to handle the management and leasing of the World Trade Center building on behalf of the new ownersh[...]
SCC approves Dominion settlement, refunding $330M to customers
The State Corporation Commission approved a settlement with Dominion Energy Virginia in which the Richmond-based utility will refund customers $330 million and reduce rates annually by $50 million, the SCC announced Thursday. For a residential customer using 1,000 kilowatt hours per month, the rate reduction will result in a dec[...]
Mondelez to create 80 jobs with $122.5M Henrico expansion
Chicago-based snack company Mondelez International Inc. will invest $122.5 million over three years to expand its bakery and build a sales fulfillment center in Henrico County, creating about 80 jobs, Gov. Ralph Northam announced Thursday. “Mondelez International’s long-term investment in Central Virginia is a testament to t[...]
